It says a lot when one of the first announcements from the government post-reshuffle is about housing. Housing! It's a very welcome move and an indication that the industry's message over the urgent need for more housing and the economic benefits of investing in construction have taken root.

But what of the announcements themselves? Is a £10bn debt guarantee for affordable and private rental new homes and £300m for affordable housing and tackling empty homes enough to make an impact?

Certainly a £10bn guarantee scheme has the potential to deliver much-needed extra supply. Most of the government's existing initiatives have focused on getting stalled projects up and running, but we know these projects alone are not enough to meet demand. A move that encourages more new housing developments has to be a good thing.

Yet the promise lacks detail, without it we can't pop the champagne corks. To prove effective, the guarantee scheme needs to do three things: make more investment in housing available; be more affordable than current rates; and, be clearly and properly regulated.

The £300m earmarked to create 15,000 homes and bring 5,000 empty properties back into use is also a welcome boost. By reconfirming its commitment the government has demonstrated that housing a priority – though its focus is still on private homes for sale and rent. Neverthless, we won't see overnight change. There are some construction projects ready to move quickly, but we may have to wait 18 months or more until we see shovels in the ground.

Let's not forget that funding is only part of the story; access to land is also vital. The government's announcement that the Homes and Communities Agency will co-ordinate the release of public sector land should help accelerate this process, but as a sector we also need to look at innovative ways to use this land so it directly contributes to an increase in housing supply.

So, we've taken a huge step forward in the past couple of weeks. We may not see a real increase in supply immediately, and there might be a lot more talking to do before we get there, but for the housing and construction industries, we've finally turned a corner.